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Source document· March 13, 2026

These BDCs Yield Up to 15.6%. But Can We Trust Them?

View original at nasdaq.com
These BDCs Yield Up to 15.6%. But Can We Trust Them? This high-yield sector is being taken to the woodshed by the Wall Street spreadsheet jockeys this year…
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  • The average BDC's software exposure is about 20%

    60% confidence
  • SLRC's assets can be viewed as a more attractive alternative relative to increasing investor concerns about private market industry exposure to software companies

    60% confidence
  • SLRC's assets can be viewed as a more attractive alternative relative to increasing investor concerns about private market industry exposure to software companies

    60% confidence
  • Because of the asset-light nature of software businesses, lenders risk getting very little of value in future bankruptcies

    60% confidence
  • Our run rate NII is projected to cover our current dividend as we ramp the PSSL II portfolio

    60% confidence
  • Goldman Sachs BDC exited a software loan with no signs of deterioration for $0.99 on the dollar to get ahead of future AI disruption

    60% confidence
  • PennantPark's run rate NII is projected to cover current dividend as they ramp the PSSL II portfolio

    60% confidence
  • The average BDC's software exposure is about 20%

    60% confidence
  • Goldman Sachs BDC exited an eight-year software loan with no signs of deterioration at $0.99 on the dollar to get ahead of future AI disruption

    60% confidence
  • The average BDC has roughly 5%-10% equity exposure

    60% confidence
  • The average BDC has roughly 5%-10% equity exposure, but Gladstone Investment's target mix is 75% debt/25% equity

    60% confidence
  • Because of the asset-light nature of software businesses, lenders risk getting very little of value in future bankruptcies

    60% confidence
What we know · the intelligence behind this page
Live from the substrate
What we're seeing
Biotech Catalyst Wave: Late-2026 Clinical Readouts, PDUFA Dates and Capital Restructuring
A dense cluster of Q4 2026 to Q1 2027 clinical and regulatory catalysts spans hepatitis delta (Vir's ECLIPSE/SOLSTICE), hypertension and sleep apnea (Mineralys' lorundrostat, PDUFA 2026-12-22), severe hypertriglyceridemia (plozasiran), oncology (ivonescimab BLA, PDUFA 2026-11-14) and gene therapy (Krystal). Positive data flow from AASLD and AHA presentations is offset by cost-cutting guidance, milestones slipping into 2027, and a delisting process that signals capital-market stress for some issuers. Near-term value hinges on binary FDA decisions and Phase 3 topline readouts in Q1 2027.
Our read on the data ›
Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
Ford Motor Company
Both facts give cash for Ford Motor Company at the same point in time (2025-12-31; FY 2025 year-end and Q4 2025 year-end are the same date). Both are labelled USD, but the values are 23,356,000,000 and 23.356, which cannot both be true in USD. The two numbers agree once the second is read as billions (23.356 bn = 23,356,000,000), so the economic content is consistent and the conflict is a unit/scale error in the Q4 2025 record. The period is not the reason for the conflict: a Q4 and an FY figure at the same year-end date should match.
We flag conflicts openly ›
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